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Nestle India Shares Decline Despite Posting 11% Profit For June Qtr
Shares in Nestle India were dragged lower in early trade by as much as 1% to Rs. 16865.70 against Rs. 17098.95, its earlier close. Though at the time of writing it recouped its early losses.
Nestle India in its June quarterly results released on July 28, 2020 posted a profit of 11.4% at Rs. 486.6 crore, helped by increase in sales as also reduction in tax outgo.
This is even as the Covid 19 led lockdown resulted in the disruption of everything from sourcing and manufacturing to supply and logistics.
Sales were driven by a surge in "in-home consumption" of products such as Everyday Dairy Whitener, Nestlé a+ Milk, and its other milk-based portfolio products, including two variants of coffee - Nescafe Classic and Nescafe Sunrise - in the first quarter.
The company follows January-December financial year had posted a profit of Rs. 437.79 crore in the same quarter a year ago.
GoodReturns.in
